Loading…
Loading…
The latest Kitco News Weekly Gold Survey showed Wall Street bearish or undecided on gold's near-term prospects, while Main Street sentiment remained improved after the yellow metal defended $4,000 support once again.
Spot gold and silver prices are modestly higher in late-afternoon U.S. trading Friday, as crude oil pulled back from Thursday's spike, Treasury yields eased and the U.S. dollar held near recent highs. At the time of writing, spot gold was trading near $4,052.70 an ounce, up 0.08%, while spot silver was trading near $58.16, up 0.87% on the session.
Gold has managed to hold critical support near $4,000 an ounce for the past five consecutive weeks, and although significant downside risks remain, some analysts see growing potential for a bullish shift in the market.
China's gold imports set a fresh two-year high in June, with the plunge in international gold prices making the yellow metal even more attractive in the world's biggest market for bullion.
Gold's inability to hold gains above $4,100 an ounce continues to highlight near-term downside risks. However, an expert at the world's largest asset manager continues to recommend investors maintain some exposure to the precious metal.
Metals and mining stocks continue to carve out important lows, similar to the pattern seen in 2006 before their longer-term uptrends resumed.
Gold prices are trading near their session highs on Friday morning after the latest data showed the U.S. housing market improving in June.New home sales rose 1.6% last month, lower than the expected 3.4% increase, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development announced.
The gold market continues to hold support above $4,000 an ounce but has been unable to attract any sustained bullish momentum as the U.S. economy remains fairly resilient, according to preliminary data from S&P Global.
Full call transcripts — prepared remarks + analyst Q&A — with speaker-by-speaker formatting and one-click switching across every quarter on file.
Click below to see what's inside, then upgrade to read every transcript for IAU and 80,000+ other tickers.
Transcripts source: company-published earnings calls. Speaker attribution and formatting are processed in-app.